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TEMPORARY CERTIFICATE OF OCCUPANCY � ESCROW AGREEMENT Orono Building Permit#2012-0120B Land Use Applicatbn#12�3665 At3REEMEMIT made this�day of � , 20�, by and between the CITY OF ORONO, a Minnesota municipal corporation("Ci#y") nd C3ail M&Jose h T.Teynor("Owne�s"), i Recltala 1. Construction of the new residence located at 2789 Pheasant Road the ("Subject Property"), legally desc�lbed as Tr�t A, RLS No. 310 in Orono, Hennepin County Mlnnesota, is the subject of building permit applicatlon number 2012-01206 has been com�leted. 2. WiMer conditions currently prohlbit comptetion of exterior improvements, final grading, and vegetation establishment. An as-built survey cannot be s�ccurately conducted at this �me. 3. Ow�ners request the Ciry issue a temporary csrtificate of occupancy ("TCO") to the Owne�s so that the Owners may occupy the new residence. 4. The City wiil issue a TCO only if the Owners establish an escrow to ensure compietlon of exterior improvements, continua�on of erosion control and submittal of an as-built sunrey to the City. NOW THEREFORE�THE PARTIE8 AOREE AS FOLLOWS: 1. DEP�OSIT OF E3CROW FUNDS. Contemporaneousiy with the execution of this Escrow Agreement, the Owners shall deposit 510,000 with the City. All axrusd interest, �f any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is t� assure completion of any exte�or improvements, final qrading, establishment of vegetatlon as well as guarantee reimbursement to the City for aU ou#-0f-pocket costs the City has incumed (including pianning, engineering, in exc�ss of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is cximpleted in acc�ordance with the Stormwater Pollution Prevention Plan and the provisions of Orono Ctty Code Chapter 79. The financial security may also be used by the Ciiy to ellminate any hazarrlous conditions assocfated with the work and to repair any damage to public propert�+ or infrastructure that is caused by the work (including planning, englneering, or iegal cansultant review) associateti with bullding pennit #2012-01206 if compliance with the approved building permit is not accomplished. S. MONTHLY BILLING. As the City receives consultant bills for incumed costs,the City will in tum send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' recelpt of bilL a, DIS�URSEME�IT FROpA E3CROW ACCOUNT. In the event that the Owners do not make payment to the City wlthin the bmeframe ou�ined in#3 ebove, shall issue a Stop Work Order urrtil the Owners pay aN expenses invoiced pursuarrt to#3. The Cfty may draw from the escrow account without further epproval of the Owners to reimburse the City for eligible expenses the Cit�+has incurt�ed. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when the review has been completed and written ncrtification is received from the Owners requesting the funds. 155441